West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1887-03-31
TIGHT MONEY
SOME ANXIETY AT NEW YORK.
Tho Surplus I'm the Treasury Still In.
creasing. - Activity in Railway
characterization Expected
In Iron The Weeks
Failures
Failures.

r. q. Dun g. Co., in their weekly trade 70
view, says:- April Is close at he'd, and
some anxiety As TO the money
market is usual at this season.
The banks have been sending largo amounts
TO tho interior through deposits at tho II as,
ury aud issues OF silver certificates elsewhere.
and there has also been a heavy demlnd for
Philadelphia exchange. 50 that IA further de-
cline In reserves is expsctej. The Western
and Southern demand for money has been
intensified by desire q ship products be-
fore the Interstate act aud the change Of rates
go into effect. Though the dem aud at Chi
cago is reporte diminishing, rates are and
SPer cent. All tn, circumstance make il
comparatively easy for an operator TO pro
duce tight money II he. peasss. The Treas
ury has taken in 81, 700, 000 more gold than It
has paid out during the past weak, but has
added three million TO the outstan ling sill yer
certificates and put out some legal tenders
also. The reduction OF rates by the Bank OF
England and the abu ndance OF money there
favor continued else in this market. The
exports from New York for three weeks
were Is per cent larger than last year. with
imports IN per cent. large The Februa.
ry report Esbows an increase Of s., SJO.OJO in
exports over last year, the amount being the
largest since 1893, but imports were the larg-
est on record for many years i'm February
and the excess OF i'm ports was SI2l4 3j7.
gold exports for the month exceeding i'm
ports by 81, 533 7sG. Railroad business
has been large. The west>bound sh pmsnts
from the chief Eastern cities were l44 100
In Fat % 10
east>bound tonnage was al PSI tons against
$50 2oi tons last year. The temporary nc
tivity of Mlrch does no. indicate larger
business after the change OF rates, howtver.
nor is the building of GIG miles OF ioad
against 296 20 date last year a safe indication
as to the future.
Reports regarding the iron business are not
favorable, imports evidently having a de-
pressing effect II would not be strange If
reaction should soon begin; the rise
which began in 1871 lasted a month, the rise
which began in 1875 lasted sixteen months.
and the rise which began in 1855 has now
lasted about eighteen months. Tue volume
OF legitimate business IS large and increas ing,
as exchanges and tonnage records show, but
speculation in most markets is dead. Oh
and Pennsylvania. Pork products have ro.
acted little. Wool is lower, the demand
for goods bsing slack. Wheat has declined
cent, corn about 4 cent and oats shade,
with unusually small sales and large receipts
Cotton has advanced x and coToe u cen.
and beef is stronger, but the prevailing I'M
certainty affects most branches OF bushes,
unfavorably, excepting as transactions are
FASTENED to make shipments by rail before
the change in rates and the expiration ia con.
tracts.
The business failures for the last seven
days number for the Unjtad States 2ls; for
Canada, Al, total, $50 against go last week,
and 22l for tn, corresponding week OF last
year. The casualties this week are consid.
erably above the average in the Southern
States and i'm Canada In New York city
there were 10 failures, in the Nsw England
States 81 and i'm the middle Statei An.